“Average assets for such filers, not even counting the
value of their personal homes and possessions, nearly doubled to over half a
billion dollars each. Given such extraordinary wealth accumulation, we estimate
that in aggregate over four years, the top 400 U.S. filers could have donated an
additional $19 billion to improving communities, health, medical research,
education, social services, whatever causes they wanted to help, and still be in
very solid financial shape, in fact, wealthy beyond most people’s wildest
dreams.” He adds, however, “The top 400 U.S. filers donated an impressive 7
percent of all individuals donations made in 2000, the year for which we have
the latest available data.” These taxpayers donated $2.4 billion in 1997, or
2.4 percent of all individual giving that year, according to the report.
However, NewTithing claims they could have donated three times that amount
without affecting their lifestyle. In 2000, the top 400 filers contributed $10.1
billion, 7 percent of all individual giving that year, but they could have given
$4 billion more, the report claims. Many donors fail to take advantage of the
best tax breaks for giving, the report also says. If all taxpayers with
$1 million or more in income had replaced their average cash donations of
$52,000 with donations of long-term appreciated assets, the group would have
avoided a combined $693.5 million in capital gains taxes, or an average of
$2,893 for each filer, NewTithing claims. When those filers were combined with
taxpayers with an AGI of $100,000 or more, the group paid $2.7 billion in
avoidable capital gains taxes, according to the report.
|
